Von der Heyden Group (VDHG) announced today that it has formed a new partnership to own and operate the 18 month-old Liberty Corner building in Warsaw’s historic CBD. Although terms were not disclosed, von der Heyden officials said that as part of the new partnership, Luxembourg-based Accession Fund SICAV will own a 50% interest in the project. The two partners will also co-own a plot of land attached to Liberty Corner, where Accession Fund will have an option to participate in the development of Liberty Corner’s phase II together with Von der Heyden Group.
Liberty Corner is a Von der Heyden Group development, an office building with a total gross area of 12.400 mkw, of which some 4.500 mkw were developed for are occupied/owned by the Polish Press Agency (PAP). It was erected with 8 storeys above ground and two underground parking storeys. The ground floor is for retail use, whereas the rest of the building contains office space.
Von der Heyden Group will continue as managing partner of the asset and remains in the partnership as a partner/owner of the approx. 7.500 gross sqm. office building including 2 storeys of underground car parking. Knight Frank will continue as the building’s property manager and leasing agent.
”We are delighted to have gained the trust of Accession Fund and that they especially valued the high-quality, design, construction and finishes of Liberty Corner”, said Sven von der Heyden, Chairman of Von der Heyden Group. He further added ”and we do hope that this transaction is just the start of a longer relationship”.
”This is a first class development in one of the major capital cities in the new, enlarged European Union. Our partnership with VDH Group makes it a perfect combination”, said Barry McGowan, Accession Fund CEO. ”We are extremely happy with the property’s quality and design as well as its excellent tenant roster. I could not be more pleased that we are making this investment”, added Accession Fund’s Chairman, Gerd Kremer.
Accession Fund SICAV is a Luxembourg-based investment vehicle created to invest in property across the so-called Accession Countries in Central Europe. The Fund is offered to international institutional investors and is targeting a total investment volume of Euro1 bn.. The Fund is advised by GLL Asset Management GmbH, a wholly-owned subsidiary of GLL Real Estate Partners GmbH, Munich, Germany.
GLL Real Estate Partners is a Munich and New York based real estate investment management firm, was formed in 2000. GLL sponsors and manages funds, separate account portfolios, in Europe and the U.S. for European institutional investors. GLL sponsored funds own prestigious assets such as Frankfurt’s Messeturm, Morgan Stanley Spain’s Headquarters in Madrid, Marriott International’s headquarters in Washington DC and RFF’s headquarters in Paris. GLL operates through a global real estate network, offering its European investor-clients access to the world’s most important real estate investment markets.
Von Der Heyden Group completed construction of Liberty Corner in Summer 2003. The property is currently 30% leased and houses prestigious tenants such as The Embassy of Ireland, Knight Frank, the Von der Heyden Group, Jaime Mascaró and IVEX, a Spanish government owned trade promotions agency. The owners are planning to reach fully-leased status within the next 12 months.